Dealership's Fault

[cdvis123]

Hi. I turned in my lease car in March, and got a new car from the dealership. When I did this, the dealership said they would take care of all the fees for turning the lease car. I agreed, and asked on several occasions if they took care of everything. They always responded, "yes".

Well...on July 1st, I get a call from a collection agency stating that I owed Nissan Finance. It turns out that the dealership dropped the ball. Apparently "my" deliquent payment was reported, but I haven't seen anything yet on my Scorewatch/Equifax. The dealership took care of the payment.

I was told that it will show up on my credit report, but 30-45 days after that, it would be taken off my report and everything will go back to "normal". Is this true, and if so, about how many points will it drop? And will it be back to the score it was before this incdent?

[Walt_K]

The CA has told you they will delete it.  Only time will tell if that is true.  You will need to check to see if they do.  I would suggest writing them confirming that per your discussion, they agreed to delete any reporting due to the dealership's error.

Hard to say how many points you'll lose.  That depends on what your report looks like.  If your report is fairly clean, you will see a large drop in points.  Once the collection is removed, all else being equal, your score should return back to where it is now.

[cdvis123]

Thanks. It's 746 with no blemishes. I'll end up getting a letter from the collection agency and/or Nissan Finance.